RedSky puts Greenpoint dev site on market asking $165M

Investment firm filed plans for 40-story apartment building on site in 2018

New York /
Apr.April 07, 2020 10:00 AM
RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)

RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)

Brooklyn-focused real estate investment firm RedSky Capital has put another property on the market amid uncertainty over the valuation of its massive portfolio.

The company, along with its London Stock Exchange-listed partner JZ Capital Partners, are asking $165 million for the full block development site at 1 Java Street (a.k.a. 18 India Street) on the Greenpoint waterfront, Commercial Observer reported.

“The 1 Java Street development site offers unique large-scale conversion or ground-up development possibilities,” JLL’s Stephen Palmese said in a statement. “The property is located directly on the East River and overlooks Manhattan.”

RedSky acquired the site for $83.5 million in 2009, and filed plans for a 40-story apartment building with 470 rental units in 2018. Seven Valleys Capital, a lending business founded by Chinese real estate moguls Zhang Xin and Pan Shiyi, provided a $57.5 million refinancing that year.

The partners have been liquidating their portfolio in recent months, after JZ Capital raised concerns about its valuation in November. RedSky, which brought the first Apple store to Brooklyn, was one the most aggressive investors in Williamsburg retail real estate this cycle.

A RedSky spokesperson told The Real Deal in November that the company was planning to put the Greenpoint site on the sale block.

RedSky and JZ Capital sold a building across from Barclays Center for $7 million in December. Last month, the partners reportedly defaulted on a $150 million loan from Apollo Commercial Real Estate Finance for a Brooklyn assemblage. [CO] — Kevin Sun


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Benchmark's Jordan Vogel with 826 Madison Avenue (top) and 581 Austin Place (Linkedin, Google Maps)
Benchmark picks up UES building; SNL snares Bronx warehouse
Benchmark picks up UES building; SNL snares Bronx warehouse
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
Canada, South Korea, Germany, Singapore, and the UK top the list of countries investing in real estate. (Getty)
South Korea now No. 2 foreign investor in US CRE
South Korea now No. 2 foreign investor in US CRE
David Umansky of Civic Builders and 720 Livonia Ave in Brooklyn (Photos via Google Maps, Civic Builders)
Charter school developer buys Brooklyn site out of bankruptcy
Charter school developer buys Brooklyn site out of bankruptcy
689 Marcy Avenue in Bedford-Stuyvesant and 242, 244, 246 and 248 Bainbridge Street in Stuyvesant Heights (Google Maps)
Brookland Capital, Nager Management score Central Brooklyn deals
Brookland Capital, Nager Management score Central Brooklyn deals
 61 Bond Street in Brooklyn, iStar's Jay Sugarman and GFI's Allen Gross (Photos via Google Maps, iStar and Urban Land Institute)
GFI sells ground under Ace Hotel in Brooklyn for $45M
GFI sells ground under Ace Hotel in Brooklyn for $45M
DivcoWest CEO Stuart Shiff and Jamestown Properties' Michael Phillips with 325 Hudson Street (Google Maps)
DivcoWest buying 325 Hudson for $150M+
DivcoWest buying 325 Hudson for $150M+
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...